BlackBerry's $1.2B QNX backlog looks substantial against its $5B market cap. Quarter-over-quarter earnings growth, positive EBITDA and its Nvidia physical-AI and robotics RTOS partnership underpin the bullish case. x.com  x.com 

BlackBerry's substantial lead over prospective entrants in its niche leaves no reason for its shares to trade below $25, a somewhat conservative minimum. x.com 

BlackBerry's turnaround is real, but the stock already prices in a lot of execution that hasn't shown up in the numbers. QNX revenue rose 20% to a record $78.7 million, its royalty backlog hit $950 million, and a deeper Nvidia deal takes QNX into robotics, medical and industrial systems. But after a roughly 140% gain it trades above 100x earnings, most analysts rate it Hold with targets about 50% below the price, and growth still leans on autos, exposed to tariffs and slower car production. … Show more

BlackBerry should benefit as Qualcomm turns super bullish on automotive growing a lot next year, since BlackBerry's QNX operating system runs inside cars. Per @anni_sen, QNX is a safety-critical layer in cars, medical devices and robots whose long certification keeps it designed in for years, and BlackBerry won the contract to power Johnson & Johnson's AI-driven heart pump. The stock fell 6% after earnings. x.com 

As robotics scales, its bottleneck suppliers should benefit with higher margins, especially on the software side, which favors BlackBerry. Humanoid robots face hard problems, from making coffee without breaking a favorite mug to navigating stairs and handling objects with varying force, and only Elon Musk has the money and infrastructure to scale them as far as people imagine. x.com 

BlackBerry is expensive against its cash earnings, trading at 42 times this year's and 38 times next year's, while software companies usually get about 30. Fair value runs about $6.05 to $7.70, or 30 times next year's cash earnings, so at $8.73 buyers pay roughly 13% above the top of that range; above $10.18 it is expensive. x.com 

BlackBerry has become a critical-systems software company, as its QNX software is the hidden operating system in 275 million cars, running collision warnings, blind-spot detection, adaptive cruise and lane-keep assist. The same technology runs surgical robots, medical devices and factory automation. QNX is now 50% of revenue, and BlackBerry has posted four straight profitable quarters, its first since it competed with the iPhone. It combines meme-stock appeal with real fundamentals. x.com 

BlackBerry's QNX royalty backlog above $1.2B gives greater visibility into future high-margin software revenue. It rose 26% in two quarters, reflecting demand in software-defined vehicles and potential for more royalties per vehicle, with opportunities in autonomous systems and robotics. The backlog is not guaranteed revenue. x.com 

BlackBerry is effectively a bet on QNX, which holds the safety-critical software layer of Physical AI. QNX has about 38% of the global auto OS market, in over 275M vehicles; Q4 revenue rose 20% to $78.7M and its royalty backlog reached $950M. Integration with Nvidia's IGX Thor extends it into robots, medical and industrial systems, where years-long safety certification makes it hard to replace. Its other businesses grow slowly, so a QNX slowdown would leave no second engine. x.com 

BlackBerry's chart shows a completed base and resumed uptrend, with whale accumulation rising to 63.9%. Volatility holes at $7.2 and $7.8 marked early bottoming, and price retested their lower boundary before momentum resumed; the bullish ribbon has kept expanding since price cleared the critical momentum bar near $8.9. Momentum bars at $10.4 and $11.4 are mid-term resistance. x.com